Two bars on one dollar scale: an electric tank on controlled load 1 at $1,004 a year, and a heat pump on controlled load 1 at COP 3 at $346 a year, with the $660 gap between them marked as the saving.

A year of hot water from a full 300 litre electric tank, against a heat pump doing the same job, at EnergyAustralia's standing-offer rates in the Ausgrid area from 1 July 2026. A tank already on controlled load 1 (off-peak) costs about $1,004 a year, so a heat pump on the same CL1 circuit saves about $660 to $740. Against a tank on the normal rate the saving is about $1,130 to $1,270. Using less hot water scales every figure down.

SetupElectricity a yearRunning cost a year
Electric tank on the normal rate5,110 kWh$1,693
Electric tank on controlled load 1 (CL1)5,110 kWh$1,004
Heat pump on controlled load 1 (CL1), COP 31,703 kWh$346
Heat pump on controlled load 1 (CL1), COP 41,278 kWh$263
Heat pump on controlled load 2 (CL2), COP 31,703 kWh$424
Heat pump on controlled load 2 (CL2), COP 41,278 kWh$326
Heat pump on the normal rate, COP 31,703 kWh$564
Heat pump on the normal rate, COP 41,278 kWh$423

Checked 12 Oct 2026: EnergyAustralia rates, ACT heat pump guide, Ausgrid controlled load